SECTION 27.58. Financial and Credit Requirements

A requestor receiving financial assistance that is required to be repaid under this subchapter shall agree to:

(1) provide collateral and security for repayment of financial assistance and completion of the project, or other protections as the executive director may deem necessary;

(2) repay the financial assistance at the specified interest rate over a specified time period according to the repayment schedule;

(3) submit the following financial and operating reports to the department within 30 days of adoption or disclosure, approved by the governing body of the requestor and certified as correct by its chief administrative officer:

(A) the annual operating and capital budgets adopted by the requestor each fiscal year pursuant to a trust agreement or indenture or equivalent document securing bonds issued for a project, and any amended or supplemental operating or capital budget; and

(B) annual financial information and notices of material events required to be disclosed under Rule 15c2-12 of the United States Securities and Exchange Commission (17 C.F.R. §240.15c2-12); and

(4) abide by provisions governing default.

Source Note: The provisions of this §27.58 adopted to be effective August 15, 2002, 27 TexReg 7178; amended to be effective May 16, 2018, 43 TexReg 3122